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Whitebox Advisors Portfolio holdings

AUM $8.12B
1-Year Est. Return 15.85%
This Fund
S&P 500
This Quarter Est. Return
+2.27%
1 Year Est. Return
+15.85%
3 Year Est. Return
+25.69%
5 Year Est. Return
+33.73%
10 Year Est. Return
+176.02%
AUM
$7.05B
AUM Growth
+$584M
Cap. Flow
-$2.95B
Cap. Flow %
-41.91%
Top 10 Hldgs %
42.06%
Holding
552
New
124
Increased
32
Reduced
27
Closed
60

Top Buys

Rank Stock Value
1
CADE
Cadence Bank
CADE
+$119M
2
CMA
Comerica
CMA
+$101M
3
GTLS
Chart Industries
GTLS
+$49.1M
4
CFLT
Confluent
CFLT
+$25.9M
5
EXAS
Exact Sciences
EXAS
+$24.7M

Top Sells

Rank Stock Value
1
VRNA
Verona Pharma
VRNA
+$167M
2
COOP
Mr. Cooper
COOP
+$66.4M
3
WNS
WNS Holdings
WNS
+$59.5M
4
K
Kellanova
K
+$25.8M
5
INFA
Informatica
INFA
+$22.7M

Sector Composition

Rank Sector Weight
1 Financials 7.92%
2 Communication Services 2.48%
3 Industrials 2.43%
4 Healthcare 1.71%
5 Technology 1.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MUE
251
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
$466K 0.01%
46,481
– –
NFE icon
252
PUT
New Fortress Energy
NFE
$101M
$456K 0.01%
400,000
– –
NWAX.U
253
New America Acquisition I Corp Units
NWAX.U
$364K 0.01%
+35,000
New +$363K
KYIVW
254
Kyivstar Group Warrant
KYIVW
$354K 0.01%
100,000
-50,000
-33% -$191K
HDRNW
255
Hadron Energy Warrant
HDRNW
$3.6M
$330K ﹤0.01%
804,500
– –
KLXE icon
256
KLX Energy Services
KLXE
$44.8M
$322K ﹤0.01%
+170,235
New +$297K
LUMN icon
257
CALL
Lumen
LUMN
$6.53B
$311K ﹤0.01%
+40,000
New +$329K
FERAR
258
Fifth Era Acquisition Corp I Rights
FERAR
$300K ﹤0.01%
750,000
– –
GIWWR
259
GigCapital8 Rights
GIWWR
$248K ﹤0.01%
+800,000
New +$297K
PCG icon
260
PG&E
PCG
$47.8B
$241K ﹤0.01%
15,000
– –
VCICW
261
DELISTED
Vine Hill Capital Investment Corp Warrant
VCICW
$239K ﹤0.01%
132,500
– –
NFE icon
262
New Fortress Energy
NFE
$101M
$228K ﹤0.01%
+200,000
New +$295K
FACWW
263
Factorial Energy Inc Warrant
FACWW
$11.7M
$217K ﹤0.01%
275,000
– –
SW
264
Smurfit Westrock
SW
$25.5B
$207K ﹤0.01%
+5,348
New +$204K
RIG icon
265
Transocean
RIG
$5.92B
$207K ﹤0.01%
50,000
-50,000
-50% -$194K
CRMLW icon
266
Critical Metals Corp Warrants
CRMLW
$13M
$190K ﹤0.01%
69,750
– –
BULLW
267
Webull Corp Warrants
BULLW
$89.7M
$184K ﹤0.01%
64,397
-25,000
-28% -$98.8K
CHACR
268
DELISTED
Crane Harbor Acquistion Corp Rights
CHACR
$180K ﹤0.01%
225,000
– –
UCFI
269
CN Healthy Food Tech Group
UCFI
$165K ﹤0.01%
+30,000
New +$165K
BEAGR
270
Bold Eagle Acquisition Corp Right
BEAGR
$128K ﹤0.01%
400,000
– –
TACHW
271
Titan Acquisition Corp Warrants
TACHW
$126K ﹤0.01%
400,000
– –
DRDBW
272
Roman DBDR Acquisition Corp II Warrants
DRDBW
$120K ﹤0.01%
200,000
– –
HPP
273
Hudson Pacific Properties
HPP
$834M
$119K ﹤0.01%
+11,003
New +$163K
BCARW
274
D. Boral ARC Acquisition I Corp Warrant
BCARW
$17.9M
$118K ﹤0.01%
325,000
– –
SOUL.RT
275
Soulpower Acquisition Corp Rights
SOUL.RT
$114K ﹤0.01%
650,000
– –
9 10
11
12 13

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WJWM
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AIM
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FIA
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Whitebox Advisors's Q4 2025 Portfolio in Review

As of Q4 2025, Whitebox Advisors held 552 positions worth $7.05B, up 9% from $6.46B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Whitebox Advisors withdrew a net $2.95B in Q4 2025, closing 60 positions and reducing 27 holdings. Its most notable exit was Verona Pharma, an estimated $167M position sold in full.

By sector, the portfolio is most concentrated in Financials at 7.9% of assets, up from 4.9% a quarter earlier, followed by Communication Services and Industrials.

Against the trend, Whitebox Advisors opened a new position in Cadence Bank worth $129M.

  • Whitebox Advisors's largest Q4 2025 buy was Cadence Bank: 3,000,001 shares worth $129M.
  • Whitebox Advisors added most to Chart Industries in Q4 2025, an estimated $49.1M increase.
  • Whitebox Advisors's biggest Q4 2025 reduction was Gulfport Energy Corp, cutting an estimated $9.97M.
  • Whitebox Advisors fully exited Verona Pharma in Q4 2025, selling an estimated $167M.
  • Whitebox Advisors's ten largest holdings make up 42% of its $7.05B portfolio in Q4 2025.
  • Whitebox Advisors opened 124 new positions and closed 60 in Q4 2025.
  • Whitebox Advisors's portfolio value rose 9% quarter-over-quarter to $7.05B.

Based on Whitebox Advisors's 13F filing for Q4 2025, filed 17 Feb 2026.